ENERGY >Istanbul to host energy summit

The Turkish Petroleum Corporation (TPAO) is set to begin searching for oil in a new field in Turkish Cyprus, Energy Minister Taner Yıldız said yesterday during his visit to an oil well operated by TPAO in the southeastern province of Adıyaman.

“We will continue working there. God willing, I believe we will accomplish a result there sooner or later,” the Anatolia news agency quoted Yıldız as saying yesterday.

TPAO started drilling for gas and oil in Famagusta, a province of Turkish Cyprus, in late April. Greek Cyprus started exploring for gas in the Mediterranean Sea south of the island in September 2011, a move to which Turkey reacted harshly.

Turkey and Turkish Cyprus then signed a deal paving the way for oil and gas exploration in the region. The amount of crude oil produced in Turkey is about 18 million barrels a year, 22 percent, or 3.6 million barrels, of which comes from Adıyaman, Energy Minister Yıldız said.

“The value of the oil [that comes from Adıyaman] is around $400 million,” he said.